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Rio Tinto annual production meets guidance

Rio Tinto reported production volumes in line with expectations during 2017 and stuck to its guidance for 2018.

Pilbara iron ore shipments of 90.0m tonnes in the fourth quarter were up 3% on-year, while total shipments for 2017 of 330.1m tonnes were in line with guidance.

Bauxite production of 50.8m tonnes was up 6% on 2016 and in line with upwardly revised full-year guidance, while Aluminium production of 3.6m tonnes was also in line with guidance.

Mined copper production of 478.1K tonnes was 9% down on 2016, mostly due to a strike at the Escondida mine in Chile. Production was in line with revised guidance.

Production and shipment guidance for 2018 remained unchanged from the estimates provided at an investor seminar held last month, while major growth projects remained on track.

"The business performed well in the fourth quarter, and we finished the year in line with guidance across all major products," chief executive J-S Jacques said.

"Our focus on value over volume and mine-to-market productivity, along with disciplined allocation of cash, will ensure that we continue to deliver superior shareholder returns in the short, medium and the long term."

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